Universal healthcare

The barriers to healthcare access in the U.S. have prompted many lawmakers, such as Senator Sanders, to demand the creation of a national health insurance program.

Universal healthcare is a system that offers medical care to all citizens, typically funded through taxes. Among the 38 high-income countries, the U.S. is the only one without any form of universal healthcare coverage, according to a report by the Commonwealth Fund.

Proponents of universal healthcare argue that America’s privatized system hasn’t necessarily led to better outcomes. Life expectancy at birth in the U.S. was 77.5 years in 2022, lower than the 82.2 years average in comparably large and wealthy countries, and per capita healthcare spending is nearly double that of similarly large and wealthy nations, according to the Kaiser Family Foundation.

However, opponents such as Republican Senator Ron Johnson have argued that healthcare is a “privilege.” Presidential candidate Donald Trump during a recent press conference claimed that if the U.S. were to have a universal health care system, “You wait for your doctor, like 10 months, 12 months, 11 months, you gotta see some of these plans, how they work in other countries, it’s disgraceful.” Democratic presidential nominee Kamala Harris will not push for single-payer government health insurance either, per campaign officials.

Public sentiment has been moving towards supporting government involvement. A 2023 Gallup survey found that 59% of Americans believe it is the responsibility of the federal government to make sure all Americans have healthcare coverage. This is up from 45% in 2014. However, until this public support is translated into policy changes, ordinary Americans must prepare for the costs of unexpected medical emergencies.

Budgeting for medical care

Setting aside an emergency fund to pay for medical emergencies is a key strategy, but there are a few ways families can lower healthcare costs while covered by private insurance.

Shop around for the best plan to suit your needs. According to the National Library of Medicine's page of tips, "If you pick a plan with higher premiums, more of your health costs will be covered. This may be a good idea if you have a health problem, such as diabetes, and need regular care. If you rarely need medical care, then you may want to choose a plan with a higher deductible. You will pay lower monthly premiums and likely save money overall. Also compare prescription drug coverage."

Many employers offer tax-advantaged accounts such as the Health Care Savings Account (HSA) or Flexible Spending Account (FSA).

Meanwhile, some coverage plans offer discounts and lower prices for seeking medical care from providers within their network. Families can also reduce medical costs by asking their health care provider to switch their drug prescriptions to generics that are generally cheaper than branded drugs. Make sure to take full advantage of your benefits to stay healthy.

American families face tremendous healthcare costs, but a little planning and disciplined saving can help.